According to reports, billionaire George Soros’ Fund Management has picked up 728, 938 shares worth $41 million in General Motors in Q4, while Warren Buffet’s Berkshire Hathaway bought 1 million shares, worth $4.9 million.
According to the blog GM Authority, Harry Wilson, who took part in restructuring GM and Chrysler while the bailout was in effect, announced last week he wants to a a spot on GM’s board in order to initiate an $8 billion buyback of company stock.
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The blog notes that General Motors has been under a lot of pressure recently, to deliver bigger dividends to investors and to increase shareholder value.
Bloomberg cites GM senior executives who assert the new GM is leaner and more nimble, and never mind those pesky recalls. But could those higher quarterly cash dividends be the company’s way of holding on to impatient investor?
Alan Batey, president of GM North America, told Bloomberg about those recalls: “We’ve played a lot of defense in the last year. We’ll never forget what our dealers have done to help us. They’ve been through hell and back. We’re indebted to them, and this year we’ll play offense.”
So that’s why Soros and Buffet are filling up on GM shares: payday is coming.
